“OPEC And Allies Prepare To Deepen Oil Output Cuts”

“VIENNA – OPEC and its allies led by Russia on Thursday were moving closer to agreeing one of the deepest output cuts this decade to support crude prices and prevent a glut, sources from OPEC and its allied producers said.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna and with Russia and others, a grouping known as OPEC+, on Friday.

Three OPEC+ sources told Reuters on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 bpd.”

Rania El Gamal, Shadia Nasralla, and Alex Lawler report for Reuters December 5, 2019.